10 Credit Cards for Young Entrepreneurs in the Philippines

February 25, 2018 | Posted by: Venus Zoleta | Credit Card

February 25, 2018


 

credit cards for young entrepreneurs

Unless you have millionaire parents, you need to find a way to fund your new business venture on your own. Even if dad and mom got deep pockets, asking or borrowing money from them to run your enterprise doesn’t sound like a good idea. Having your own business means independence, so consider it as a life training of sorts.

A credit card is a good financial tool for funding a small business, as long as it’s used right. No. We’re not talking about the card you’re using right now for your personal expenses. You need a separate card for managing your business expenses. It’s hard to keep track of your finances when you charge all your personal and business expenses on a single credit card.

Also, isn’t it cool to have a new business credit card in your name? It’s a proof that your business is legit.

Check out the 10 credit cards suitable for young entrepreneurs and decide which one will work best for your specific needs.

Business Credit Cards

business credit cards

Photo by Jannoon028 via Freepik.com

If you’re running a small business or corporation that employs people, a business or corporate credit card can help you manage and keep track of all your company expenses.

Most business credit cards in the Philippines offer extra benefits such as travel insurance, 24/7 customer support, worldwide and nationwide acceptance, and ability to set credit limits to individual users.

BDO Mastercard/Visa Corporate Card

The BDO Corporate Card, available in Mastercard and Visa, is meant for managing business expenses of employees, including travel, entertainment, and office supplies.

BDO Corporate Credit Card Features:

  • Annual fee: PHP 1,800
  • Interest rate: N/A
  • Cash advance fee: 5% of the withdrawn amount or PHP 300, whichever is higher
  • Rewards program: Accumulate points for redeeming rewards items
  • Simplified purchase and reimbursement process: To reduce admin costs and tasks
  • Longer company credit term: Payment due date is 25 days after cut-off
  • Access to monthly Management Information reports: For easy tracking and analysis of credit card transactions

BPI Corporate Mastercard

The BPI Corporate Card allows efficient and cost-saving management of purchases and payment processes.

BPI Corporate Credit Card Features:

  • Annual fee: PHP 1,700
  • Interest rate: 3.50%
  • Cash advance fee: 3% of the withdrawn amount or PHP 500, whichever is higher
  • Express Data Online: An expense reporting and management system for an automated reimbursement process, better financial control, and better business decision-making
  • Better company cash flow: Option to pay suppliers on installment, longer credit terms of up to 50 days, and low foreign currency exchange rate (0.85% of the converted amount plus 1% Mastercard assessment fee)

BPI ePay Visa Disbursement Card

This BPI disbursement card is a fast and cost-effective payment tool for company expenses such as travel, entertainment, payroll, and employee incentives. The card can be customized with a company logo for branding purposes.

BPI ePay Visa Card Features:

  • Easy credit card application and approval: No credit checks and fewer required documents. Card can be claimed within five to 15 banking days
  • Pre-fund travel and entertainment expenses
  • Strengthen company branding through card customization with company design

PNB Multi Corporate Card

Filipino entrepreneurs can use a PNB corporate credit card for all types of business expenses, including purchases, disbursements, and fleet.

PNB Corporate Credit Card Features:

  • Annual fee: PHP 1,500
  • Rewards program: Earn 1 point for every retail transaction worth PHP 75 (non-service merchants) or PHP 100 (service merchants.)  Accumulated rewards points can be redeemed for cash rebates, annual fee waivers, or air miles.
  • Management information reports for easy monitoring of business expenses charged to the credit card

RCBC Bankard Corporate Card

For young startup owners who want to make managing their business expenses much simpler, RCBC offers a corporate credit card to meet that need. It’s issued for spending on travel, entertainment, representation, and purchase of office equipment and supplies.

RCBC Corporate Credit Card Features:

  • Mastercard Smart Data: A powerful online system that allows better expense monitoring, optimized cost efficiency, and simplified expense management process.
  • Available in two currencies: Philippine Peso and US Dollar

UnionBank Corporate Visa Card

The UnionBank Corporate Card helps business owners manage their company-related expenses such as procurement, travel, and entertainment.

UnionBank Corporate Credit Card Features:

  • Annual fee: PHP 1,500
  • Interest rate: 3.50%
  • Annual expense management report fee: PHP 200
  • Cash advance fee: 2.9% of the withdrawn amount
  • Comprehensive expense management: A Visa-supported online system that automates expense reporting and management. It also allows customizing reports for easier data analysis and integrating reports into a company’s existing accounting system.
  • Rewards program: Earn 1 point for every PHP 20 spent using the card. Accumulated points can be redeemed for rewards such as free airfare, gas, or dining.
  • Rebates program: Cashback rate of 0.5%, with rebates credited annually
  • Card customization option: Allows including a company or brand logo on the card for branding purposes

UnionBank Suy Sing Visa Card

Planning to open your own grocery store? UnionBank has a business credit card that caters to the needs of aspiring grocers. Partnering with Suy Sing Commercial Corporation (a major grocery distributor in the Philippines), the bank provides grocery business owners with exclusive perks through the Suy Sing credit card.

UnionBank Suy Sing Credit Card Features:

  • Annual fee: PHP 1,500
  • Interest rate: 3.50%
  • Annual expense management report fee: PHP 200
  • Rebate program: Cashback rate of 0.5% on Suy Sing purchases
  • Rewards program: Earn 1 point for every PHP 200 purchase at any Suy Sing branch. Every rewards point is equivalent to one peso. Rebates can be redeemed upon reaching at least 500 points (PHP 500).

Cashback Credit Cards

If you think a corporate card isn’t suitable for your particular business needs, it makes sense to use a personal credit card that provides rebates on your business expenses. This is why cashback credit cards are ideal for budding entrepreneurs who want to optimize their spending through rebates.

Citi Cash Back

Citibank’s cashback credit card is ideal for owners of a food business, convenience store, and other enterprises that spend a lot on grocery items and electricity bills.

Citi Cash Back Features:

  • Annual fee: PHP 3,500
  • Interest rate: 3.50%
  • Up to 6% rebate on groceries, 2% on Meralco bill payments, and 0.20% on all other expenses
  • Maximum monthly rebate: PHP 1,000

HSBC Gold Visa Cash Back

Do you often meet clients and suppliers in restaurants and cafes? The HSBC Gold Visa Cash Back offers a high rebate on dining transactions and fuel expenses.

HSBC Gold Visa Cash Back Features:

  • Annual fee: PHP 2,500
  • Interest rate: 3.50%
  • Cashback rates of 5% on dining expenses, 3% on Caltex gas purchases, and 0.50% on all other transactions
  • Maximum monthly rebate: PHP 1,200

Security Bank Complete Cashback MasterCard

Entrepreneurs who spend mostly on groceries, fuel, utility payments, and dining will find Security Bank’s cashback credit card a money-saving option for their fledgling business.

Security Bank Cashback Features:

  • Annual fee: PHP 3,000
  • Interest rate: 3.50%
  • Cashback rates of 5% on groceries, 4% on fuel, 3% on utilities, 2% on dining, and 1% on shopping
  • Maximum monthly rebate: PHP 1,000

Final Thoughts

Credit cards as tools for financing business are more expensive than conventional loans because of their higher interest rates. That means you can easily get burned with a credit card that turns out to be unsuitable to your business needs. Thus, be sure to study carefully all your options before signing up for a new credit card for your business.

compare credit cards